MMT chief hands over to deputy

COMPUTER group MMT has replaced chairman and co-founder Mike Tilbrook with his deputy Tom Hall. Tilbrook, 52, who started the company in 1978 and retains a 5.3% stake, keeps a non-executive seat on the board but is to concentrate on other business projects, including a Cornish golf club. Hall has been on the board since 1997 and works for broker Williams de Broe.

The group, which last year posted its first-ever loss, today said it had finally drawn a line under a two-year deterioration in performance. However, it warned that demand for management consultancy from insurers was slowing.

MMT has recently cut its workforce by a quarter to 400 and appointed Peter Onslow as managing director.

Today it said pre-tax profits in the six months to 28 February fell to £93,000 from £1.1m a year earlier, on sales down 14% to £14.58m. The dividend is 0.5p.